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Property and Equipment, Net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
December 31,
20232022
Data center equipment
$37,245 $28,531 
Leased and financed data center equipment
68,757 62,300 
Machinery and equipment
14,004 11,613 
Computer equipment
2,472 2,503 
Leasehold improvements
1,114 1,268 
Construction-in-process
1,371 3,636 
Total property and equipment
124,963 109,851 
Less: accumulated depreciation and amortization
(79,363)(60,476)
Total property and equipment, net
$45,600 $49,375 
Depreciation expense was $21.3 million and $18.0 million for the years ended December 31, 2023 and 2022, respectively. For the Company’s equipment under finance leases and collateralized financing obligations, accumulated depreciation was $31.6 million and $24.5 million as of December 31, 2023 and 2022, respectively. The carrying value of the Company’s equipment under finance lease agreements and collateralized financing obligations was $37.1 million and $37.8 million as of December 31, 2023 and 2022, respectively.
During the years ended December 31, 2023 and 2022, the Company recorded a gain of $0.4 million and a loss of $0.1 million, respectively, as a result of disposing of certain hard drives. These disposals occurred in the ordinary course of business, as the Company continuously evaluates its requirements for operating its data centers. The loss and gains are recorded as general and administrative expenses in the Company’s consolidated statements of operations.

The Company had long-lived assets, comprising of property and equipment, net and operating lease right-of-use assets consisting of the following (in thousands):

December 31,
20232022
United States$50,746 $50,176 
The Netherlands4,834 6,080 
Total property and equipment, net and operating lease right-of-use assets$55,580 $56,256